{"id":1471840,"date":"2024-06-18T12:41:14","date_gmt":"2024-06-18T16:41:14","guid":{"rendered":"https:\/\/bugaluu.com\/news\/?p=1471840"},"modified":"2024-06-18T12:41:14","modified_gmt":"2024-06-18T16:41:14","slug":"retail-sales-disappoint-in-may-april-revised-even-lower","status":"publish","type":"post","link":"https:\/\/bugaluu.com\/news\/retail-sales-disappoint-in-may-april-revised-even-lower\/1471840\/","title":{"rendered":"Retail Sales Disappoint In May, April Revised Even Lower…"},"content":{"rendered":"

Retail Sales Disappoint In May, April Revised Even Lower…<\/span><\/p>\n

\n

BofA’s practically omniscient analysts<\/a> were more in line with consensus this month for their US retail sales forecast, with a return to growth expected in May’s data (after a less enthusiastic April print).<\/p>\n

Notably, however, consensus and BofA were over optimistic as the headline retail sales rose just 0.1% MoM (vs +0.3% MoM exp). Worse still, April’s 0.0% change was revised down to a 0.2% MoM decline, leaving the headline (nominal) retail sales print up just 2.3% YoY…<\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

Ex-Autos, the picture was worse with sales dropping 0.1% MoM (vs +0.2% exp) and Ex Autos and Gas Stations rose just 0.1% MoM (vs +0.4% MoM exp).<\/p>\n

<\/a><\/p>\n

Gas Stations and Food Services spending were the biggest downside drivers, offsetting increased spending on motor vehicles and non-store (online) retailers…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

The crucial control group – which is used in the GDP calculation also disappointed in May and April was revised lower – not a great start for Q2’s GDP (April -05%, May +0.4%). That is the fourth monthly miss in a row…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

And finally, admittedly a crude approximation, adjusting the nominal retail sales print for inflation (CPI), we see real retail sales declined in May…<\/strong><\/p>\n

<\/a><\/p>\n

Source: Bloomberg<\/em><\/p>\n

ah, Bidenomics…<\/p>\n

\u00a0<\/p>\n<\/div>\n

Tyler Durden<\/a><\/span>
\nTue, 06\/18\/2024 – 08:41<\/span><\/p>\n

\u200bhttps:\/\/www.zerohedge.com\/personal-finance\/retail-sales-disappoint-may-april-revised-even-lower<\/a>\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Retail Sales Disappoint In May, April Revised Even Lower… BofA’s practically omniscient analysts were more in line with consensus this month for their US retail…<\/p>\n","protected":false},"author":0,"featured_media":1471841,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-1471840","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","wpcat-1-id"],"_links":{"self":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1471840","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/comments?post=1471840"}],"version-history":[{"count":0,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/posts\/1471840\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media\/1471841"}],"wp:attachment":[{"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/media?parent=1471840"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/categories?post=1471840"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bugaluu.com\/news\/wp-json\/wp\/v2\/tags?post=1471840"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}